Talk is cheap and so is tech. Even though the S&P 500 information technology sector has outpaced a gyrating market by more than a quarter since the start of 2009, tech stock valuations are in the doldrums. The sector’s 13 times prospective earnings multiple is not far from the 11 times trough of the financial crisis and a long way from the 18 times average of the past five years.
空談是廉價的,同樣廉價的還有科技股。盡管標普500指數IT板塊自2009年初以來的表現要領先原地轉圈的大盤逾四分之一,但科技股的估值依然處于低谷。該板塊的預期市盈率為13倍,比金融危機期間11倍的低點高不了多少,較過去5年平均18倍的市盈率則要低得多。
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